This program enables a veteran to get a loan at (typically) a discount rate for primary residences. And the major advantage for vets is the ability to pay 0% down on the home they are buying. Also, participants in the program are not required to make regular mortgage insurance payments, as most of the general public is if they pay less than 20% in a down payment.
And while there is usually a funding fee added to these loans, the fee can be financed into the loan.
Last, while a VA loan can only be used for primary residences, participants are allowed to sell their home and then regain the use of the VA loan for their next home. The program allows for participants who pay off their loan (or sell their house) to take advantage of the program again.
Do you have any questions or comments about VA loans? Please leave them below…